Author Archives: Russ

Well, He Did Make At Least One Payroll Tax Payment

Posted on May 3, 2016 by Russ

As an Enrolled Agent, I know that if I have employees and collect payroll tax for the employees, I had better remit it to the IRS (and state tax agencies). When I’ve been the employer, I’ve done that without fail. … Continue reading →

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Under the Table Worked for a While…

Posted on May 1, 2016 by Russ

Here’s a scheme that has a somewhat better chance of working than the usual employer tax fraud (of not remitting employment taxes, a scheme with a 0% chance of working). Let’s pay employees “under the table” using income to pay … Continue reading →

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Neither Rain Nor Sleet Nor Snow…But What About Theft?

Posted on May 1, 2016 by Russ

Rain–which we had here in Las Vegas this past weekend–didn’t stop the postman from delivering bills I have to pay. Sleet and snow don’t stop the US mail, either. However, theft of the mail will stop it. One postal carrier … Continue reading →

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What FINCEN Should Do Regarding FBAR Filing Dates and 25 or More Accounts

Posted on April 27, 2016 by Russ

On March 1st, FINCEN issued a press release noting that they requested comment regarding a proposal such that individuals with 25 or more foreign financial accounts would have to report the details on those accounts rather than just noting they … Continue reading →

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The 2016 Tax Season

Posted on April 25, 2016 by Russ

It actually went fairly smooth this year. Some thoughts (in no particular order): 1. The IRS help lines for tax professionals were well staffed. Hold times were way, way down from prior years (especially last year). The average hold time … Continue reading →

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Bozo Tax Tip #1a: They Shoot Jaywalkers, Don’t They? (Or Ignoring the FBAR!)

Posted on April 15, 2016 by Russ

I have, unfortunately, become quite competent in the Report of Foreign Bank and Financial Accounts. That form is better known as the FBAR. It used to have the form number TD F 90-22.1 (yes, it really did) but now goes … Continue reading →

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Bozo Tax Tip #2: Use a Bozo Accountant!

Posted on April 14, 2016 by Russ

Here’s another Bozo Tax Tip that keeps coming around. The problem is, the Bozos don’t change their stripes. In any case, here are some signs your accountant might be a Bozo: – He’s never met a deduction that doesn’t fit … Continue reading →

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Bozo Tax Tip #3: Let Your IRS Notice Age Like Fine Wine!

Posted on April 13, 2016 by Russ

My brother is a wine connoisseur. As all my friends know, I’m anything but a wine aficionado. But I have learned one difference between fine wine and a notice from the IRS: Wine can age very well but IRS notices … Continue reading →

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Bozo Tax Tip #4: Honey, You Don’t Exist!

Posted on April 12, 2016 by Russ

Ah, Spring is in the air. And with that come the inevitable wedding invitations. I had an invitation to a wedding on April 9th. No, I didn’t attend. With weddings comes changes in tax status. Your marital status on December … Continue reading →

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Bozo Tax Tip #5: Procrastinate

Posted on April 11, 2016 by Russ

You may have noticed that Bozo Tax Tip #1 appeared last week. Never fear, there’s another #1 Bozo Tax Tip that will appear on Friday. Now on with the countdown: Today is April 11th. The tax deadline is just seven … Continue reading →

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